Vornado prices $500M 5.75% notes to repay 2026 debt and acquires $141M Plaza District site
Vornado Realty L.P. priced $500 million of 5.75% unsecured notes due February 1, 2033, at 99.824% to yield 5.78%, raising $494 million to repay $400 million of June 2026 debt and for corporate purposes. It acquired 3 East 54th Street in Manhattan’s Plaza District for $141 million, 18,400 sq ft site zoned for 232,500 buildable sq ft, using a $107 million mortgage balance.
1. Vornado Realty L.P. Prices $500 Million 7-Year Senior Unsecured Notes
Vornado Realty L.P. has successfully priced a public offering of $500 million aggregate principal amount of 5.75% senior unsecured notes due February 1, 2033. The notes were sold at 99.824% of face value, resulting in a yield of 5.78% and net proceeds of approximately $494 million. Semiannual interest payments will be made each February 1 and August 1, beginning August 1, 2026. The company intends to use $400 million of the proceeds to retire its unsecured notes maturing June 1, 2026, and to deploy the remaining funds for general corporate purposes. The transaction is expected to close on January 14, 2026, subject to customary conditions, and was led by a syndicate of 14 joint book-running managers and five co-managers, including BofA Securities, J.P. Morgan Securities and Goldman Sachs.